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Page 6.0 - Proposed Underground Work <br />The Equity mine was opened in early July 2011 under the current Equity Exploration Project NOI <br />(EEP) No. P- 2011 -010. The condition of the mine workings was found to be in generally good <br />condition and the water in the mine is confined to the lowest level of the development (10,000' <br />Level). Due to these existing conditions, Rio Grande Silver is proposing an underground core <br />drilling program to begin in November 2011. <br />The Phase I and Phase II work outlined in the EEP NOI is currently ongoing. Ventilation has <br />been established to the 10,250 Level and the rehabilitation of the main Equity portal back to <br />the decline is scheduled to be completed by mid - October 2011. After the main portal <br />rehabilitation is complete, rehab will continue down the main decline along with the <br />installation of electric power, compressed air and water services to support the core drilling <br />program. <br />Rio Grande Silver is proposing to drill 64 core holes from 10 to 12 underground drill stations <br />totaling up to 80,000 feet of core in the first year. RGS anticipates drilling approximately the <br />same number of drill holes (64) and footage of core (80,000 feet) in year two of the exploration <br />program. See EQUITY MINE — Proposed Underground Core Drill Stations — Page 6.1. The <br />majority of the proposed drilling will be done from existing drill stations and locations within <br />the development that are large enough to accommodate a drill station (15' tall x 15 'wide x 30' <br />length). There will be several drill stations that need to be enlarged by drilling and blasting. <br />There could be up to 2,000 cubic yards of development rock generated from this work that will <br />be stored underground in existing muck bays and drifts that are not being used. <br />